What Are The Advantages Of Being Self Employed?

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What Are The Advantages Of Being Self Employed? 3 Major Mistakes  and How To Avoid Them to Speed Up Your Success

Avoiding mistakes will help you as a self employed entrepreneur to become successful.

This is not only true for people just starting up and new to self employment, it is a good idea to review the mistakes here even if you are a seasoned veteran with a long track record working for yourself.

There are many advantages to going self employed. Here are top advantages:

1) The most popular reasons for going self employed are the time freedom you will have to control your own daily scheudle.

2) The freedom to create a business that you actually enjoy and work on tasks and projects that you are interested in.

3) Of course, it is also nice to be your own boss with no supervisor lurking over your shoulder.

4) Another advantage is the unlimited potential to increase your income and earn more money by taking on more contracts and more jobs.

5) There is also freedom from travelling to and from a place of work, which can be a drain and lead to endless clock-watching.

6) The other reason is the freedom to travel and work from exotic locations that you dreamed about. Or for some people being closer to home, but being free to head out onto the road and visit different locations is definitely worth it.

This is not always possible when you are employed on the payroll for another organisation.

But in order to achieve that you need t avoid the mistakes first.

This is the crucual part that many people leave out.

The truth is that if you are aware of the mistakes you can plan ahead on how to avoid them.

Therefore, you will be in a better position to actually enjoy the wellbeing of running your own business and reap the reawrds of being self employed.

Read the tips below for more juicy information…

It’s not every one dream to be employed, most people only dream about the desire. It requires an individual who has a strong will to set themselves up in self-control, but for those who have the aptitude and thirst for success the rewards are there, but it’s not easy, as the saying goes if it were easy everybody would be doing it.

Still, it’s not so difficult either if the budding entrepreneur follows some basic rules.

 

Mistake 1:

Do not forget to allow for downtime in your business planning and budgets, by this I mean allow off time, you may need it, putting aside a portion of your earnings into another bank account not only earns extra interest and your holiday pay, it can also be the lifesaver for the unexpected, which happens quite а lоt іn thе unрlаnnеd оrgаnіzаtіоn. You have to allow for that week away spent with your family, after all this is one of the key reasons for becoming self-employed, time off when you want it. Аnd іt hаs bееn еаrnеd bу thеm tоо.

It’s a major step moving from working for somebody, where a wage is banked to your account regularly, even if you are not at work. Sickness, vacations and public days off, in routine work you get paid for them, not in self-employment seems awful but it is a reality. All is not lost though, you’ve made the decision, and you have done your homework and planned for this, it’s not surprising, in fact, its something to anticipate.

 

Mistake 2:

Not planning future cash flow forecasts and budgets, although always changing they should be adjusted and studied every month. If this is the first year of operation, it becomes even more important to try and stick with what was intended and if you do have variations between actual and budgeted understand the reason and act on it. This is a major benefit in preventing mistake 1. It also helps in the following years planning.

 

Mistake 3:

Leaving it too late to request assistance: There are lots of people and organizations that want you to succeed from the Inland Revenue Service to the neighborhood bank. They have an ulterior motive, so they also gain as you succeed, so they will assist you to get better. These two organizations are also responsible for closing down and bankrupting more owners and companies compared to all your creditors put together, so get them on your side, there is a plethora of information there, and they are prepared to discuss it with you for free.

4 Comments
  1. Kondaine says

    Thanks for sharing.

    1. Ruth Noel says

      It is my pleasure. Be sure to get your free gift here Kondaine: http://TaxTwerk.com/gift

  2. Kondaine says

    Thanks for the e-book!

    1. Ruth Noel says

      You are welcome Kondaine! Any questions you have feel free to let us know

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